ZERO Interest Weatherization Loans
These loans are made to home, farm or business owners whose existing dwelling or business receives electrical service through Tideland EMC. Such loans are for the purpose of providing the cost of materials and labor for those items listed below:
- caulking
- weather-stripping
- heat pump systems (including water source heat pumps)
- water heaters (including solar water heaters)
- central air conditioning
- ceiling, wall and floor insulation
- duct and pipe insulation
- water heater insulation
- storm windows and doors
- thermal windows & doors
- electric system coordinated customer-owned devices that reduce maximum kilowatt demand
- clocks thermostats
- other items as pre-approved by the cooperative's loan department and energy auditor
*If the borrower installs the materials his/herself the loan will be limited to financing the cost of materials.
Members who wish to apply for a zero interest loan will be scheduled for a free Tideland EMC energy audit. The purpose of the energy audit is to assist the home or business owner in determining what energy conservation measures will result in the greatest utility savings. Heat pumps must be sized according to a heat gain/heat loss calculation which should be performed by the installing contractor. This requirement is made to ensure that our members needs are met in terms of comfort, efficiency and overall equipment performance.
Loans to finance the cost of energy conservation measures will not exceed $3,000 for a single family dwelling, $4,000 for structures with two to four residential units, and $1,000 per unit for larger multi-family structure unless the loan involves installation of a new heating and/or cooling system. If the requested loan amount is $1,500 or more the loan must be secured by a first or second Deed of Trust. If the requested loan amount exceeds $5,000 the loan application must be reviewed by the cooperative's loan committee. Loan requests exceeding $10,000 will require approval of the full Tideland EMC board of directors. All applications are subject to credit verification through a licensed credit reporting agency and any credit history records maintained by the cooperative.
The
following eligibility requirements are established to ensure the credit worthiness of the
borrower:
1. The member must have lived on and had
service in his/her name no less than 12 months and the property on which the
improvements are to be made must be titled in the members name and verification furnished.
2. Any loan over $1,500 shall be
secured by a Deed of Trust on the property which must be a first or second Deed of Trust.
3. The member should not have filed bankruptcy
within the last five (5) years.
4. Credit Bureau reports and
TEMC credit rating will be used to determine the member's credit worthiness.
5. The member shall show that
he/she has the means and the ability to repay the loan.
Once a loan has been approved the member has 90 days in which to have the work completed. As the work nears completion call the loan department to schedule a loan closing. The cooperative's loan officer reserves the right to visually inspect all items covered by the weatherization loan at the time of closing. The proceeds check will be made payable to both the Tideland member and the contractor performing the work. It is the member's responsibility to deliver the check to the contractor.
Sample Loan Payment Calculations Per $1,000
| Loan Amount | 12 months | 24 months | 36 months | 48 months | 60 months |
| $1,000 | $83.33 | $41.67 | $27.78 | $20.83 | $16.66 |